Thailand's Small and Medium Enterprises (SMEs) play a vital role in ensuring Thailand's competitiveness in the future, as innovation is key to success.

Thailand is making strides to boost its competitiveness in the digital economy, with a focus on nurturing digital start-ups. According to Cristian Quijada Torres, World Bank Senior Private Sector Specialist, "Innovation and entrepreneurship are no longer optional in today's changing global economy."

Despite the ongoing economic recovery, Thailand's GDP remains below its potential level. To address this, the government, through agencies like the Digital Economy Promotion Agency (DEPA), offers financial support, networking, and development programs to digital start-ups. These initiatives aim to accelerate innovation and entrepreneurship in digital technologies.

The country also collaborates with international organizations and private sector partners to enhance its competitiveness in the digital economy. These collaborations provide additional funding and resources to support the growth of digital start-ups.

However, challenges remain. SMEs and start-ups face significant barriers to accessing finance, technology, and international markets. To overcome these obstacles, enhancing regulatory frameworks, especially for competition, trade, and investment, and expanding financial support are needed.

Education and training programs on digital and entrepreneurial skills would also help equip workers with the capabilities they need to drive innovation and business expansion.

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While the press release does not provide new economic facts about Thailand, it projects economic growth to rise to 2.9% in 2025, up from 2.6% in 2024. This growth is mainly driven by a rebound in investment, supported by higher budget execution and implementation of pipeline infrastructure projects.

Tourism and private consumption have also supported growth, with tourism projected to return to pre-pandemic levels by mid-2025. Strengthening Thailand's participation in global value chains and leveraging regional integration would encourage foreign investment in high-tech industries.

However, challenges persist. The need to reduce high household debt, revitalise private investment, and ensure fiscal sustainability amid rising spending needs caused by climate risks and population ageing are significant hurdles.

In conclusion, empowering SMEs and start-ups with the right tools, financing, and skills will be key to unlocking Thailand's potential for long-term, inclusive growth. The country's focus on digital start-ups is a strategic move towards a more competitive and resilient economy in the future.